DXG Corporation has just released its financial statements for Q4 2023. The company recorded a net revenue of VND 1,400 billion, which represents a 53% increase compared to the same period last year. Its after-tax profit reached VND 5 billion, while in the same period last year, it suffered a loss of VND 395 billion. The parent company’s net profit was over VND 47 billion.
Notably, despite the significant increase in revenue, DXG managed to reduce its expenses. Specifically, its business management costs decreased by an impressive 78% compared to the same period last year, amounting to nearly VND 99 billion.
The main reason for the sharp decline in business management costs in Q4 was due to a reduction of over VND 271 billion in provision expenses, as DXG liquidated its subsidiary companies.
At the end of Q4, DXG had 84 subsidiary companies, which was a decrease of 2 compared to the end of Q3. Among them, 8 subsidiary companies were in the process of dissolution in both Q3 and Q4, including: Eastern Real Estate Investment Corporation, Southeast Real Estate Business Investment Corporation, Dat Xanh Finance Limited Liability Company, Binh Phuoc Real Estate Business Investment Corporation, Diamond Tower Investment Corporation, Ruby Tower Investment Corporation, Shapphire Investment Corporation, and Emerald Tower Investment Corporation.
In addition, DXG also achieved a reduction of over 50% in both business management salary costs and sales staff salary costs during the past quarter.
For the entire year of 2023, DXG recorded a net revenue of VND 3,706 billion, representing a 33% decrease compared to 2022. Its after-tax profit reached VND 155 billion, which is a 71% decrease. Sales costs were reduced by 45% and business management costs were reduced by 66%. Specifically, the company reduced its sales and business management salaries by nearly VND 563 billion.
It is worth noting that one of the goals of Dat Xanh Group this year is to focus on restructuring its operations, improving the management structure, and departmental system. The company believes that having a streamlined organization and a stable foundation is essential to seize new opportunities.
In the past year, the number of employees in the Group has decreased by 1,305 people. As of the end of the year, DXG had a total of 2,468 employees. Compared to its peak, the company has reduced its workforce by more than 4,900 people.
DXG’s total assets as of December 31, 2023 amounted to VND 28,795 billion, which is a decrease of VND 1,526 billion compared to the beginning of the year. Its cash and bank deposits decreased by over VND 726 billion to VND 373 billion. The remaining amount in VCSH reached VND 14,191 billion.
